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Marine Cargo |
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This insurance provides indemnity for
loss of or damage to the insured cargo during
the course of transit. The transit may be
by sea, air, rail or road. Goods being transported
are exposed to conveyancing or maritime
hazards.
The terms or conditions of sale will determine
which party is required to buy the insurance.
When the term of sale is C.I.F. (Cost, Insurance
and Freight), the seller of the goods will
buy the insurance. For other terms of sale
(e.g. Cost & Freight or Free On Board),
the buyer shall be responsible to arrange
his own insurance. |
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Marine Hull |
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This insurance provides indemnity for
loss of or damage to insured's vessel caused
by an accident and also indemnifies the
insured against liability to third party
for loss of or damage to property or personal
injuries resulting from collision or operation
of the vessel.
Vessels are exposed to maritime hazards.
Owners, managers or operators can take up
this insurance to cover their vessels. |
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